The North Sea crude oil, a key European benchmark, concluded the session at the Intercontinental Exchange trading $1.03 below the previous day’s closing price of $62.15.
The drop in the price per barrel was in response to the announcement of a meeting scheduled between representatives of China and the United States in Switzerland over the weekend. The discussions aim to address the trade war initiated by former President Donald Trump.
Since early April, oil prices have plummeted by around 20%, following Trump’s tariff announcements, which have raised fears of a slowdown in the global economy, potentially leading to a recession.
The price decline was also influenced by data from the U.S. Energy Information Administration regarding gasoline stocks in the United States, which unexpectedly rose last week.
Concerns over an oversupply amidst weak demand have been further fueled by the decision of the Organization of the Petroleum Exporting Countries and their allies, including Russia, collectively known as OPEC+, to increase production for the second consecutive month starting in June.
